88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) announced that its South Prudhoe Project prospective resource estimate has increased to 768.9 million barrels of oil and natural gas liquids, a 35% rise from previous estimates.
The updated total is 640.7 million barrels net to the company after a 16.67% government royalty. The project is located on Alaska's North Slope, south of Prudhoe Bay and Kuparuk River units.
The revision followed geophysical analysis of Schrader Bluff 3D seismic velocity data. The company's planned Augusta-1 exploration well will test up to 133.7 million barrels of prospective resources.
Drilling is scheduled for the 2027 Alaskan winter season using the Nordic Rig-3.
